The updated total charge for credit regulations have finally been laid before Parliament.

The terms of these variations reflect the amendments anticipated.

The key point to know is that after intensive lobbying by trade associations a short transitional period has been introduced. 

For those whose APR calculation will be varied as a consequence this has to be reflected in credit documentation within the month of January 2013 rather than with effect from midnight on 31 December 2012. 

For advertisements there is an exemption for pre-printed catalogues which are over fifty pages in length and which are first published before 1 February 2013 but otherwise the rule that applies to the credit documentation itself applies i.e. the switch to the new APR(s) must be made by 1 February 2013. 

For a copy of the new regulations access www.legislation.gov.uk/uksi/2012/17454/made